How Much Money Do You Need to Save Each Day to Become a Millionaire?

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iStock

Whether you’re just getting started in your career or have been slogging away at the same desk for a few decades, you’ve probably already imagined what your ideal retirement will look like. Regardless of whether it means spending your days tending to your garden or traveling the world to visit all your bucket list destinations, all retirees are going to need the same thing: money.

In terms of the actual dollar amount you’ll need to save in order to live comfortably post-retirement, that figure varies from person to person and is based on personal lifestyle and what you hope to accomplish in those post-work years. While financial planner Wes Moss says that most people can live happily ever after with $500,000 socked away, other financial analysts believe that $1 million is the golden number.

While saving up a seven-figure sum might seem like an insurmountable task, Smart Couples Finish Rich author David Bach says that, “Becoming rich is nothing more than a matter of committing and sticking to a systematic savings and investment plan,” adding that, "You don't need to have money to make money. You just need to make the right decisions—and act on them.”

As Business Insider reports, it’s never too late to start saving. To illustrate Bach’s point that smart decision-making is the key to building a healthy nest egg, they broke down the amount of money an individual would need to save on a daily basis in order to become a millionaire by age 65.

The good news for Millennials is that it doesn’t take much: Just $2 a day would get a 20-year-old to millionaire status by the time he or she was 65, while a 25-year-old would need to save $3.57 per day—about the cost of that second latte. Of course, the older you are when you begin to save, the more money you’ll need to cobble together: A 40-year-old will need to find $20.55 in savings per day, while a 45-year-old is looking at $38.02 daily. Still, it’s never too late to start saving: if a 55-year-old can manage to put away $156.12 per day—or $4749 per month—he or she should be able to reach that $1 million goal in just 10 years.

Check out the full chart from Business Insider below, then start checking your sofa cushions for change. And if you need some ideas on how to save more, here’s one quick way to “trick” yourself into building up your savings account.

[h/t: Business Insider]

What's the Difference Between Memorial Day and Veterans Day?

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iStock/flySnow

It may not be easy for some people to admit, but certain national holidays often get a little muddled—namely, Memorial Day and Veterans Day. In fact, the U.S. Department of Veterans Affairs sees the confusion often enough that they spelled out the distinction on their website. The two days are held six months apart: Veterans Day is celebrated every November 11, and Memorial Day takes place on the last Monday of May as part of a three-day weekend with parades and plenty of retail sales promotions. You probably realize both are intended to acknowledge the contributions of those who have served in the United States military, but you may not recall the important distinction between the two. So what's the difference?

Veterans Day was originally known as Armistice Day. It was first observed on November 11, 1919, the one-year anniversary of the end of World War I. Congress passed a resolution making it an annual observance in 1926. It became a national holiday in 1938. In 1954, President Dwight D. Eisenhower changed the name from Armistice Day to Veterans Day to recognize veterans of the two world wars. The intention is to celebrate all military veterans, living or dead, who have served the country, with an emphasis on thanking those in our lives who have spent time in uniform.

We also celebrate military veterans on Memorial Day, but the mood is more somber. The occasion is reserved for those who died while serving their country. The day was first observed in the wake of the Civil War, where local communities organized tributes around the gravesites of fallen soldiers. The observation was originally called Decoration Day because the graves were adorned with flowers. It was held May 30 because that date wasn't the anniversary for any battle in particular and all soldiers could be honored. (The date was recognized by northern states, with southern states choosing different days.) After World War I, the day shifted from remembering the fallen in the Civil War to those who had perished in all of America's conflicts. It gradually became known as Memorial Day and was declared a federal holiday and moved to the last Monday in May to organize a three-day weekend beginning in 1971.

The easiest way to think of the two holidays is to consider Veterans Day a time to shake the hand of a veteran who stood up for our freedoms. Memorial Day is a time to remember and honor those who are no longer around to receive your gratitude personally.

Have you got a Big Question you'd like us to answer? If so, send it to bigquestions@mentalfloss.com.

What Is the Kitchen Like on the International Space Station?

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iStock/Elen11

Clayton C. Anderson:

The International Space Station (ISS) does not really have a "kitchen" as many of us here on Earth might relate to. But, there is an area called the "galley" which serves the purpose of allowing for food preparation and consumption. I believe the term "galley" comes from the military, and it was used specifically in the space shuttle program. I guess it carried over to the ISS.

The Russian segment had the ONLY galley when I flew in 2007. There was a table for three, and the galley consisted of a water system—allowing us to hydrate our food packages (as needed) with warm (tepid) or hot (extremely) water—and a food warmer. The food warmer designed by the Russians was strictly used for their cans of food (about the size of a can of cat food in America). The U.S. developed a second food warmer (shaped like a briefcase) that we could use to heat the more "flexibly packaged" foodstuffs (packets) sent from America.

Later in the ISS lifetime, a second galley area was provided in the U.S. segment. It is positioned in Node 1 (Unity) and a table is also available there for the astronauts' dining pleasures. Apparently, it was added because of the increasing crew size experienced these days (6), to have more options. During my brief visit to ISS in 2010 (12 days or so) as a Discovery crewmember, I found the mealtimes to be much more segregated than when I spent five months on board. The Russians ate in the Russian segment. The shuttle astronauts ate in the shuttle. The U.S. ISS astronauts ate in Node 1, but often at totally different times. While we did have a combined dinner in Node 1 during STS-131 (with the Expedition 23 crew), this is one of the perceived negatives of the "multiple-galley" scenario. My long duration stint on ISS was highlighted by the fact that Fyodor Yurchikhin, Oleg Kotov, and I had every single meal together. The fellowship we—or at least I—experienced during those meals is something I will never, ever forget. We laughed, we argued, we celebrated, we mourned …, all around our zero-gravity "dinner table." Awesome stuff!

This post originally appeared on Quora. Click here to view.

Clayton "Astro Clay" Anderson is an astronaut, motivational speaker, author, and STEAM education advocate.

His award-winning book The Ordinary Spaceman, Astronaut Edition Fisher Space Pen, and new children's books A is for Astronaut; Blasting Through the Alphabet and It's a Question of Space: An Ordinary Astronaut's Answers to Sometimes Extraordinary Questions are available at www.AstroClay.com. For speaking events www.AstronautClayAnderson.com. Follow @Astro_Clay #WeBelieveInAstronauts

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